Hysan Development Company Limited (00014) released its final results for the year ended 31 December 2025. The Group’s turnover rose 1.6% year-on-year to HK$3.46 billion. Underlying Profit grew 28.3% to HK$2.51 billion, largely bolstered by fair value gains on disposed residential units, while Recurring Underlying Profit declined 1.9% to HK$1.92 billion.

Retail turnover increased 2.6% to HK$1.73 billion. Occupancy improved from 92% to 95%, and tenant sales showed double-digit growth in the second half of 2025. Multiple expanded luxury flagships and enhancements across the Lee Gardens precinct contributed to this rise, along with the introduction of over 50 new brands in the area.

Office turnover remained stable at HK$1.51 billion in total. The Hong Kong office portfolio, representing HK$1.41 billion in turnover, ended the year with occupancy at 94%, up from 90%. While rental reversions remained under pressure, incremental leasing activities helped mitigate market headwinds. In Mainland China, Lee Gardens Shanghai achieved an office occupancy of 72% by year-end.

Residential turnover posted a 5.0% year-on-year increase to HK$229 million, supported by stronger market conditions and growing demand from new talent arrivals. The Group’s capital recycling programme, targeting HK$8.00 billion in proceeds over five years through divestments of select residential assets, has reached 26% completion, with HK$2.10 billion collected in 2025.

Development projects remain on schedule. Lee Garden Eight, a major premium commercial project, topped out in the fourth quarter of 2025 and is set for completion in the third quarter of 2026. Meanwhile, the luxury residential project VILLA LUCCA in Tai Po and the To Kwa Wan development proceeded with steady sales, construction, and planning milestones.

The Group maintained its second interim dividend at HK81.00 cents per share. Shareholders’ Funds stood at HK$65.46 billion, with Net Asset Value per Share at HK$63.70 as of 31 December 2025.